Ge Long Hui·2025-12-02 05:23Core Viewpoint - Bank of America Securities reports that Baidu has developed a complete AI full-stack infrastructure and services, including self-developed AI chips, leading autonomous taxi services, rapidly growing cloud business, advanced large models, and multi-scenario applications [1] Group 1: AI Business Growth - Baidu mentioned in an investor meeting that AI will bring substantial benefits, primarily due to its real-world scenarios and applications that can generate incremental commercial value from AI [1] - In Q3, Baidu's AI-related business revenue grew by 50% year-on-year to 10 billion yuan, accounting for approximately 40% of Baidu's core business total revenue [1] - The firm expects Baidu's AI-related business to maintain rapid growth and reiterates a "buy" rating with a target price of $151 and a target price of HKD 148 for H-shares [1] Group 2: Competitive Advantage - Baidu Cloud has achieved a significant competitive advantage in the GPU era due to its full-stack service capabilities and self-developed AI chips [1]